Bittensor, an artificial intelligence network, celebrated the listing of its native TAO token on the major cryptocurrency exchange Binance. The listing marked a significant milestone for the project, which has garnered both enthusiasm and skepticism from industry analysts and investors.
Bittensor’s TAO token is designed to power the network’s decentralized AI ecosystem, allowing users to train and deploy machine learning models in a collaborative and incentivized manner. The project’s unique approach has captured the imagination of many in the blockchain and AI communities, with supporters hailing it as a groundbreaking fusion of these two cutting-edge technologies.
Among the most vocal supporters is analyst Al, who took to Twitter to celebrate the Binance listing, stating, “Incredible milestone for Bittensor. @binance has over 186M users, 67k wallets currently hold TAO, and 87.4% of the circulating supply is staked. There is just not enough TAO for everyone. Do not panic.”
However, not everyone shares Al’s enthusiasm. Analyst Lord Yayowam, while acknowledging the project’s innovative nature, expressed skepticism about its real-world utility and long-term prospects. In an X thread, Yayowam explained his reservations, stating, “Although many people believe TAO could simply be a dApp running on render, and they are correct, it is great to see a project doing all they can to incentivise holding as much as they do. This means price goes up as long as people hold.”
Yayowam further elaborated on his stance, highlighting his preference for investing in projects with more tangible real-world usage, such as the decentralized computing network Render (RNDR). “I don’t own any TAO because it makes more sense to me to invest in a crypto with real world usage like $RNDR where thousands of TAO-equivalents can run instead of being limited to one,” he explained.
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Show more +The analyst also pointed out that while Bittensor may not be “worthless,” it is “worth less” in his opinion, as major players in the AI industry, such as Apple, Nvidia, and Stability AI, have yet to partner with the project, opting instead to collaborate with platforms like OTOY’s Render.
As the Bittensor community celebrates this significant milestone, the contrasting perspectives from analysts like Al and Lord Yayowam underscore the ongoing debate surrounding the project’s potential and its place within the blockchain and artificial intelligence industry.
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